The announcement follows a Wall Street Journal report last week that the financial services firm's CEO, Blankfein was also preparing to exit the company.
Schwartz, 54, was the firm's chief financial officer after helping to run its trading business. Solomon, 56, a former investment banker, has been boosted by the strength in that business, where Goldman Sachs posted record revenue in 2017.
"David Solomon will serve as sole president and chief operating officer of the firm upon Harvey's retirement", Goldman said in a news release.
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"I look forward to continuing to work closely with David in building our franchise...", Blankfein, 63, said in the note. He has served a dozen years at the top of Wall Street's most powerful firm. Although this was already hinted at by The Wall Street Journal last week, Goldman Sachs seemingly confirmed it Monday morning. "I feel like Huck Finn listening to his own eulogy", he tweeted, referring to an incident in the Mark Twain novel Adventures of Huckleberry Finn.
Goldman Sachs CEO Lloyd Blankfein grew up in public housing in the East New York section of Brooklyn. The part-time disc jockey, who attended Hamilton College, is also a wine collector and an avid skier.
Schwartz and Solomon were not quoted in the announcement.
Blankfein and the board were impressed, insiders say, by Solomon's proven ability to build businesses at a time when the bank is looking to grow, the strength of the investment-banking team he put together, and his efforts to recruit and retain talent.
He likes to DJ under the name "DJ D-Sol" in his spare time, spinning electronic dance music at clubs in New York, Miami, and the Bahamas. He played an important role in revamping the investment bank's junior-banker policies, including quicker promotions and expanding tech platforms that can handle some of the grunt work associated with junior-level banking.